Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: dennis michael patterson who wrote (8210)	5/31/2001 1:25:44 PM
From: James Strauss	Read Replies (2) of 52237

Dennis: The 2200 area on the Nasdaq is important resistance at this time... bigcharts.com Today's bounce is on low volume... The intermediate term downtrend is still in tact... bigcharts.com 2150 is near term resistance... 2200 would show a successful short term support test if 2150 is broken... The second half of the year looms closer, along with the inevitable warnings... The FED is finally getting the message that too many interest rate hikes last year has hurt the capital spending markets this year... We may yet see 5% unemployment levels... That could dampen the slightly improving consumer confidence levels and spending... The scary part is that the FED is running out of bullets... It has, perhaps, another 100 basis points to use... Another 50 basis point cut is needed in June... Anything less may not be enough to save the second half of the year... Not is real dollars and cents terms, but in psychological impact on both the markets and the corporate buying offices... The prices of many stocks are still expensive on a P/E basis, and will become more expensive as estimates are lowered again in the next Qtr... With all that said, another 50 basis point cut in June could be just the spark that moves the market off its bottom and moves money off the sidelines... Jim

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